Inland Real Estate Buys Upscale Jacksonville Community

KeyBank provided a $43 million Fannie Mae note for the purchase of the 350-unit property.
JTB Apartments

Inland Real Estate Group has completed the acquisition of JTB Luxury Apartments, a 350-unit community in Jacksonville, Fla. A joint venture between Presidium and Killashee Investments sold the asset, according to Duval County records.

The new owner received a $43 million Fannie Mae loan from KeyBank for the acquisition. The new note retires a three-year, $35 million construction loan which KeyBank originated for the seller in 2017, Yardi Matrix data shows. The community delivered in 2019.

Located on 13 acres at 8876 A.C. Skinner Parkway, the property encompasses 11 buildings. The unit mix has one- to three-bedroom apartments ranging from 640 to 1,460 square feet. Amenities include a swimming pool, clubhouse, gym, business center, dog park and pet spa.

The community is a short distance from several business parks, home to major area employers including ADP, Adecco and BlueCross. Simon Property Group’s 1.4 million-square-foot St. Johns Town Center outdoor mall is 2 miles east. The property is also 4 miles from Interstate 95 and 11 miles southeast of downtown Jacksonville.

In August, Presidium kicked off construction for Presidium Hill Street, a 290-unit property in Grand Prairie, Texas. Veritex Community Bank is financing the development.